Just as mutual funds provide an opportunity to benefit from the revival in value stocks, so do these exchange-traded funds — but with even lower costs. You can find a basic ETF for value stocks of any size.

Or consider an ETF that seeks to beat a traditional index. PowerShares Dynamic Large Cap Value ETF tracks an enhanced index that screens for 10 factors, including historic earnings and sales growth and various valuation measures. The fund recently held 50 stocks, with AT&T, Verizon Communications and Johnson & Johnson at the top of the list.

PowerShares' expense ratio of 0.57% a year is well above the expense ratio for standard index-based ETFs. Although the fund is neck and neck with Vanguard Value over the past five years, the PowerShares ETF beat the Vanguard ETF by an average of 2.1 percentage points per year over the past 10 years.